Central Banks Keep Hoarding Gold, But Now The Question Is "Where To Store It": Goldman

Gold may be stuck in a rate-hike funk, but the world's central banks clearly didn't get the memo.

According to the latest monthly nowcast from Goldman's Lina Thomas (available to pro subs), central banks bought an estimated 79 tonnes of gold in August, nearly five times the pre-2022 average of 17 tonnes, and up from 44 tonnes in July. And once again, the biggest identifiable buyer was China. On a three-month seasonally adjusted basis, purchases are running at 85 tonnes a month.

The Buying Binge Rolls On